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RBI May 2014 Market Update: Active Listings Increase 30.6% in DC, 18.7% in Baltimore

June 10, 2014  |  by Corey

The following market highlights for the Washington, D.C. Metro and Baltimore, MD Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI) and is based on May 2014 MRIS housing data. Click here to view the full releases.

DC Metro Overview

Closed sales decrease from the prior year for fifth consecutive month

The Washington, DC Metro Area continued the pattern of low buyer activity in May.  Closed sales and new pending contracts decreased from last May by 10.6 percent and 4.5 percent, respectively.  But both were above their May-levels in 2011 and 2012 with new pending contracts above their May-levels for all years from 2006 to 2012.  As in recent months, bank-mediated sales decreased at a faster rate than non-bank-mediated sales and contributed to the overall decline in closed sales.  The median sales price continues to rise, likely due to both the decline in bank-mediated sales and tight inventory.  The median sales price increased 1.2 percent and reached the highest May-level on record with data going back to 1997.  Seller participation continues to increase and both active listings and new listings rose. 

Active listings increased 30.6 percent, bringing the number of active listings reached its highest level in two years.  However, the number of homes for sale remains tight, as the increase only brought inventory to 40.3% of its 2007 peak.  New listings increased by 9.8 percent from last year, the sharpest year-over-year gain in seven months.

Click here to view PDF version of this report

Baltimore Metro Overview

Inventory up 18.6 percent from May 2013

The Baltimore Metro Area continued the pattern of flat buyer activity in May.  Closed sales and new pending contracts were essentially unchanged from last May as closed sales increased by one sale and new pending contracts decreased by one contract.  But both were above their May-level 10-year averages.  Seller participation continues to increase and both active listings and new listings rose.  Active listings increased 18.7 percent, bringing the number of active listings to its highest level in over two years. 

However, the number of homes for sale remains tight, as the increase only brought inventory to 64.4% of its 2007 peak.  New listings continue to contribute to the increase in inventory, rising 17.1 percent from last year, the highest year-over-year gain in seven months.  The median sales price was unchanged from last year but was higher than its May-level for all years from 2009 to 2012.  Within the region, three jurisdictions had median sales price growth with increases in Howard County (3.0 percent), Carroll County (1.8 percent) and Anne Arundel County (1.7 percent).

Click here to view PDF version of this report

Posted in Blog, Featured, Market Statistics, RBI

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